Kaveri Seed stock jumps 2.5% on minimal impact of Covid-19 lockdown

The major portion of the company's production, processing, and supply chain facilities remained in operation during most of the lockdown period.

Jun 15, 2020 02:06 IST India Infoline News Service

Kaveri Seed Company
Kaveri Seed Company Limited informed the exchanges Monday that after announcing the lockdown on March 25,2020, government classified seed business as ‘Essential Commodity’. It granted certain relaxations and guidelines so that production, processing, and distribution of the seeds will not be affected.

The major portion of the company's production, processing, and supply chain facilities remained in operation during most of the lockdown period, following safety measures as per guidelines. Thus, the impact of Covid-19 on the company is minimal at this point of time.

The company has assessed the recoverability of receivables, inventories, certain investments, and other financial assets considering the available internal and external information as on date.

Considering the nature of these assets, the company expects to recover the carrying amount of these assets.

Kaveri Seed Company Ltd is currently trading at Rs537 up by Rs13.65 or 2.61% from its previous closing of Rs523.35 on the BSE.

The company has been taking all precautions, adopting social distancing and other safety measures as per the Central & State Government as well as local administration guidelines across its operations in the corporate office at Secunderabad and plant facilities located at Telangana for prevention of Covid-19.

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